VRNO · Verano Holdings Corp. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $208.18M | - | $202.81M | $202.27M | $209.81M | - | $216.68M | $222.39M | $221.31M | - |
| Cost of Revenue | $109.20M | - | $107.57M | $89.29M | $110.23M | - | $107.59M | $108.05M | $108.35M | - |
| Gross Profit | $98.98M | - | $95.24M | $112.98M | $99.58M | - | $109.10M | $114.34M | $112.96M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $85.88M | - | $80.56M | $86.34M | $84.58M | - | $92.33M | $87.07M | $90.29M | - |
| Total Operating Expenses | - | - | $85.96M | $87.07M | - | - | $92.33M | - | - | - |
| D&A | $29.19M | - | $31.56M | $31.49M | $31.79M | - | $36.87M | $35.73M | $35.55M | - |
| Operating Income | $13.10M | - | $9.28M | $26.21M | $15.00M | - | $16.77M | $27.27M | $22.67M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $11.62M | - | $28.44M | $35.15M | $17.35M | - | $45.48M | $30.53M | $11.48M | - |
| Net Income | ($17.82M) | - | ($43.83M) | ($19.15M) | ($11.52M) | - | ($42.57M) | ($21.76M) | ($4.82M) | - |
| EPS - Basic | ($0.05) | - | ($0.12) | ($0.05) | ($0.03) | - | ($0.12) | ($0.06) | ($0.01) | - |
| EPS - Diluted | ($0.05) | - | ($0.12) | ($0.05) | ($0.03) | - | ($0.12) | ($0.06) | ($0.01) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $74.03M | $82.72M | $82.62M | $68.57M | $84.22M | $87.80M | $64.98M | $130.05M | $193.80M | $174.76M |
| Accounts Receivable | $32.14M | $30.93M | $32.46M | $30.76M | $40.02M | $40.26M | $46.94M | $43.21M | $41.93M | $38.98M |
| Inventory | $235.57M | $229.97M | $219.72M | $214.34M | $192.26M | $184.46M | $194.04M | $169.36M | $166.18M | $140.69M |
| Accounts Payable | $28.96M | $38.74M | $42.32M | $39.67M | $45.40M | $39.93M | $42.49M | $25.20M | $28.31M | $31.28M |
| Current Assets | $394.52M | $404.65M | $385.43M | $371.36M | $361.14M | $357.51M | $321.72M | $357.56M | $418.78M | $394.20M |
| Total Assets | $1.71B | $1.74B | $1.93B | $1.94B | $1.97B | $1.99B | $2.31B | $2.24B | $2.32B | $2.32B |
| Current Liabilities | $118.91M | $140.26M | $143.41M | $147.83M | $167.64M | $197.97M | $435.38M | $360.59M | $414.98M | $412.19M |
| Long-term Debt | $384.25M | $391.88M | $397.82M | $399.82M | $403.83M | $395.70M | $397.62M | $391.72M | $391.27M | $393.64M |
| Total Liabilities | $1.02B | $1.04B | $1.04B | $1.02B | $1.03B | $1.04B | $1.10B | $1.02B | $1.08B | $1.08B |
| Stockholders' Equity | $688.35M | $704.16M | $885.86M | $927.23M | $943.38M | $952.17M | $1.22B | $1.22B | $1.24B | $1.24B |
| Retained Earnings | ($1.06B) | ($1.04B) | - | - | - | ($783.61M) | - | - | - | - |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $18.59M | - | - | - | $1.79M | - | - | - | $31.04M | - |
| Investing Cash Flow | ($14.91M) | - | - | - | ($4.77M) | - | - | - | ($9.70M) | - |
| Financing Cash Flow | ($12.38M) | - | - | - | ($591.0K) | - | - | - | ($2.32M) | - |
| CapEx | $14.94M | - | - | - | $13.86M | - | - | - | $9.70M | - |
| Free Cash Flow | $3.65M | - | - | - | ($12.08M) | - | - | - | $21.34M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 47.5% | - | 47.0% | 55.9% | 47.5% | - | 50.3% | 51.4% | 51.0% | - |
| Operating margin | 6.3% | - | 4.6% | 13.0% | 7.2% | - | 7.7% | 12.3% | 10.2% | - |
| EBITDA margin | 20.3% | - | 20.1% | 28.5% | 22.3% | - | 24.8% | 28.3% | 26.3% | - |
| Net margin | -8.6% | - | -21.6% | -9.5% | -5.5% | - | -19.6% | -9.8% | -2.2% | - |
| Free cash flow margin | 1.8% | - | - | - | -5.8% | - | - | - | 9.6% | - |
| FCF / Net income | -0.20 | - | - | - | 1.05 | - | - | - | -4.43 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 41.3% | - | 39.7% | 42.7% | 40.3% | - | 42.6% | 39.2% | 40.8% | - |
| Effective tax rate | - | - | - | 219.7% | 297.4% | - | 1562.3% | 348.3% | 172.5% | - |
| Return on assets | -1.0% | - | -2.3% | -1.0% | -0.6% | - | -1.8% | -1.0% | -0.2% | - |
| Return on equity | -2.6% | - | -4.9% | -2.1% | -1.2% | - | -3.5% | -1.8% | -0.4% | - |
| Return on invested capital | 1.0% | - | 0.6% | 1.0% | 0.6% | - | 0.5% | 0.8% | 0.7% | - |
| Liquidity | ||||||||||
| Current ratio | 3.32 | 2.88 | 2.69 | 2.51 | 2.15 | 1.81 | 0.74 | 0.99 | 1.01 | 0.96 |
| Quick ratio | 1.34 | 1.25 | 1.16 | 1.06 | 1.01 | 0.87 | 0.29 | 0.52 | 0.61 | 0.62 |
| Cash ratio | 0.62 | 0.59 | 0.58 | 0.46 | 0.50 | 0.44 | 0.15 | 0.36 | 0.47 | 0.42 |
| Leverage | ||||||||||
| Debt / Equity | 0.56 | 0.56 | 0.45 | 0.43 | 0.43 | 0.42 | 0.33 | 0.32 | 0.32 | 0.32 |
| Debt / Assets | 0.22 | 0.23 | 0.21 | 0.21 | 0.21 | 0.20 | 0.17 | 0.17 | 0.17 | 0.17 |
| Debt / EBITDA | 9.09 | - | 9.74 | 6.93 | 8.63 | - | 7.41 | 6.22 | 6.72 | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 2.48 | 2.47 | 2.17 | 2.09 | 2.09 | 2.09 | 1.90 | 1.83 | 1.87 | 1.87 |
| Liabilities / Assets | 0.60 | 0.60 | 0.54 | 0.52 | 0.52 | 0.52 | 0.47 | 0.45 | 0.46 | 0.47 |
| Efficiency | ||||||||||
| Asset turnover | 0.12 | - | 0.11 | 0.10 | 0.11 | - | 0.09 | 0.10 | 0.10 | - |
| Inventory turnover | 0.46 | - | 0.49 | 0.42 | 0.57 | - | 0.55 | 0.64 | 0.65 | - |
| Days sales outstanding | 56d | - | 58d | 56d | 70d | - | 79d | 71d | 69d | - |
| Days inventory outstanding | 787d | - | 746d | 876d | 637d | - | 658d | 572d | 560d | - |
| Days payable outstanding | 97d | - | 144d | 162d | 150d | - | 144d | 85d | 95d | - |
| Cash conversion cycle | 747d | - | 660d | 770d | 556d | - | 593d | 558d | 534d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 0.6x | - | 0.6x | 0.2x | 0.2x | - | 1.0x | 1.0x | 1.6x | - |
| P / S | 1.9x | - | 2.5x | 0.9x | 1.1x | - | 5.4x | 5.6x | 9.2x | - |
| EV / EBITDA | 16.9x | - | 20.0x | 8.9x | 11.8x | - | 28.0x | 23.8x | 38.5x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -0.8% | - | -6.4% | -9.0% | -5.2% | - | -9.7% | -5.0% | 9.4% | - |
| Revenue CAGR (3y) | 1.0% | - | -3.8% | -3.3% | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | -0.6% | - | -12.7% | -1.2% | -11.8% | - | -18.1% | -0.7% | 14.5% | - |
| Operating income growth (YoY) | -12.7% | - | -44.7% | -3.9% | -33.8% | - | -58.4% | -10.4% | -32.9% | - |
| Net income growth (YoY) | -54.8% | - | -3.0% | 12.0% | -138.8% | - | -138.6% | -66.6% | 47.8% | - |
| EPS growth (YoY) | -66.7% | - | 0.0% | 16.7% | -200.0% | - | -140.0% | -50.0% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -27.0% | -26.0% | -27.3% | -24.1% | -23.9% | -23.2% | -7.3% | -7.9% | -7.3% | -7.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$991.05M totalRetail Segment$672.66M · 67.9%
Wholesale Segment$318.39M · 32.1%
Peer comparison
Same SIC group: Agricultural Production-Crops
| Company | Revenue (last FY) | Net margin | ROE |
|---|---|---|---|
| FDP | $4.32B | 2.1% | 4.5% |
| CTVA | $17.40B | 6.3% | 4.5% |
| CBSTF | - | - | - |
| GTII/GTBIF | $1.18B | 9.7% | 6.0% |
| GRAM | - | - | - |
Comparing Verano Holdings Corp. against the 5 most active filers in the same SIC group.